Niall Olden, Managing Partner, Kernel Capital; Hilda Dolan, Bank of Ireland, University of Limerick; Tim Cummins, CEO, ChipSensors; Michelle O’ Grady, Enterprise Ireland (from left to right).
Photographer: Michael Cowhey.

Cork, 19th April 2010: The Bank of Ireland Kernel Capital Fund has led a €2m investment in ChipSensors Ltd, a developer of silicon sensor chips based at the University of Limerick; syndicating partners were Enterprise Ireland and London based ETV Capital.

Tim Cummins, CEO of Chip Sensors said: "The funding will be used to enhance the firm's sales and marketing channels for its temperature and humidity sensor chips and is being made following positive feedback from a number of the world's leading industrial and automotive companies after qualification testing of the Company's silicon chips. This investment will enable the company to commercialise the technology, and negotiations are already underway with partners for market and distribution channel support in the US, China, and Japan."

Commenting on the investment, Niall Olden, Managing Partner of Kernel Capital said: "We are pleased with ChipSensor's progress to date in bringing this exciting new digital sensor technology to market. The company's sensor-chip samples have been tested by global equipment companies for use in such diverse applications as Building Energy saving, automobile air-conditioners, monitoring of perishable goods-in-transit, and emissions monitoring and control."

David Bateman, Director of ETV Capital, added: "ChipSensors has developed a unique sensor platform technology that has crossover appeal in many market segments - industrial, medical, greentech, automotive. The company has demonstrated sound business judgement in patent-protecting the technology and field-trialling it with customers and partners before ramping up to full-scale production. ETV Capital is delighted to support innovative and ambitious Irish technology businesses such as ChipSensors."

At the announcement, Michelle O' Grady, Enterprise Ireland, said: "ChipSensors Ltd, is a good example of 'smart-economy' industry-university collaboration. We now look forward to seeing the company move to the next level of commercialisation, jobs-growth and ongoing innovative development."

Hilda Dolan, Bank of Ireland, University of Limerick, added: "ChipSensors is an exciting Company in a rapidly expanding market. Bank of Ireland continues to support in a tangible way export driven indigenous high tech companies based on strong intellectual property through the Bank of Ireland Kernel Capital Funds."

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For further information please contact:

Orla Rimmington, Operations Manager, Kernel Capital.
Tel: +353 21 4928974 / Fax: +353 21 4928977